Marine & Offshore Archives - Page 2 of 9

Wintermar Offshore (WINS:JK) Reports 1Q2025 Results

Wintermar recorded a 31.4%YOY increase in Gross Profit to US$6.6 million for 1Q2025, with US$4.1 million Operating Profit (+52.5% YOY), driven by Owned Vessels gross margin expansion.

Margin expansion in the Owned Vessel Division continued to boost profitability, despite a slow quarter where Total Revenue fell by 9.2%YOY from US$18.4 million in 1Q2024 to US$16.7 million in 1Q2025. The lower revenue stemmed from a slower than expected start after the monsoon season which primarily affected the Chartering Division.

Owned Vessel Division

The Owned Vessel Division continued to perform well as the high tier vessels and mid-tier DP vessels saw improved utilization. Gross Profit from Owned Vessel jumped by 55.8%YOY to US$6.1 million for 1Q2025 as compared to 1Q2024, generated from revenues of US$14.8 million (+6.1%YOY). With more PSVs working, Owned Vessel gross margin has continued to increase to 41.2% in 1Q2025 from 28.1% in 1Q2024. Average charter rates for 1Q2025 were 31% higher than 1Q2024, due to a larger number of high yielding vessels in the Company’s fleet.

The lower end of the mid-tier segment did not fare as well in 1Q2025, as some mid-tier vessels came off spot contracts. OSV demand was slow during the quarter, with some project delays, even though there were some ongoing tenders. Fleet utilization dropped to 57% in 1Q2025 as compared to 63% in 4Q2024. Two additional HLBs were delivered in February and March 2025 which only commenced operations in April 2025.

Chartering Division and Other Services

A longer than expected hiatus for the monsoon season led to a 70%YOY drop in Chartering Division Revenues to US$0.9 for 1Q2025 compared to 1Q2024. Revenue from Other Services also recorded a decline of 30.5%YOY to US$1.0 million upon the completion of a contract.Direct Expenses and Gross Profit

Owned Vessel Direct Expenses reduced by 13.3%YOY to US$8.7 million from US$10.1 million in 1Q2024. There were savings in maintenance costs (-28.2%YOY), which fell from US$2.4 million in 1Q2024 to US$1.7 million in 1Q2025, due to the absence of some one-off preparation costs in 2024 for international contracts. Owing to the sale of 3 vessels during 2024, Operations cost fell by 31.0%YOY, from US$1.1 million in 1Q2024 to US$0.8 million in 1Q2025 while Crewing expenses also decreased by 7%YOY, from US$2.5 million in 1Q2024 to US$2.4 million. Bunker costs were maintained at US$0.5 million (+1.8%YOY), reflecting a stable oil price and a low number of vessel mobilizations.

As a result of a higher concentration in Dynamic Positioning (DP) vessels which has enjoyed a stronger charter rate increase, the Gross Profit margin has risen from 27.1% in 1Q2024 to 39.3% in 1Q2025, demonstrating the underlying resilience of the fleet despite the near-term delays in project commencements.

Indirect Expenses and Operating Profit

Total Indirect Expense rose by 6.5%YOY to US$2.4 million in 1Q2025 as compared to US$2.3 million in 1Q2024. This increase was primarily driven by the increase in marketing expenses and staff salaries.

With the growing participation in international tenders, Marketing Expenses in 1Q2025 doubled to US$0.17 million (+125.3%YOY) from US$0.08 million in 1Q2024. Staff Salary contributed US$0.09 million to the increase, rising 5.2%YOY to US$1.8 million in 1Q2025, due to an expansion of permanent employees and higher salaries.

Operating Profit for 1Q2025 was US$4.1 million, which increased 52.5% compared to the same period in the previous year. The operating margin rose to 24.7% in 1Q2025 from 14.7% in 1Q2024.

Other Income, Expenses and Net Attributable Profit

Interest expenses doubled to US$0.5 million in 1Q2025 as the Company obtained new loans to refinance the PSV and HLBs purchased last year. On the other hand, interest income rose by 32.0%YOY to US$0.1 million in 1Q2025, following strong cash flow generation.

Equity in net earnings of associates recorded a loss of US$0.04 in 1Q2025 compared to a gain of US$0.2 million in 1Q2024, reflecting the lower utilization experienced by our associated companies.

The sale of fixed assets contributed a gain of US$0.2 million from the disposal of low tier vessels in 1Q2025, effectively capturing the fleet’s monetary value. The Company recorded a FX loss of US$0.4 million from Rupiah denominated trade receivables, impacted by the strengthening of the USD.

Non-controlling interest was significantly higher at US$1.5 million compared to US$0.4 in 1Q2024, reflecting the share of minority interest in earnings from the PSV business, in which Wintermar holds a 51% stake. Net Attributable Profit for 1Q2025 amounted to US$1.6 million, a decrease by 25.6%YOY from US$2.2 million in 1Q2024.

The group’s EBITDA jumped by 20.2%YOY for 1Q2025, reaching US$7.6 million.

Industry Outlook

The long term outlook for offshore support vessels (OSV) is still positive, albeit in the near term, the industry has not escaped the uncertainty affecting global business sentiment that has emerged from policy fluctuations in the US. As a result of the imposition of tariffs, oil demand growth for 2025 has been revised down while geopolitical risks have risen amidst fears of escalating trade wars.

In 1Q2025, the global caution added to the seasonal slowdown in Asia which resulted in some delays to project commencements. However, planning is underway for several offshore drilling projects which are expected to ramp up towards the end of the year, which provide support for charter rates. The second-hand market has been active with higher prices being offered for used OSVs in operating condition, indicating that there is still strong demand in the coming years.

Business Prospects

The year has started on a slow footing, which has impacted utilization in 1Q2025 as 60% of the fleet is still exposed to short term spot contracts. Gross margins, which have been climbing, will be maintained due to the better fleet mix, as can be seen in the strong growth in gross profit and operating profit. The Company has taken delivery of 2 units of Heavy Load Barges in 1Q2025 which are expected to commence operations in 2Q2025 and secured additional high tier vessel contracts, thus supporting continued profitability in the latter part of the year. Looking ahead to 2026, we are still positive on the demand for DP vessels which will be needed for several new deepwater drilling projects which are in development this year.

Total contracts on hand as at end March 2025 has risen to US$71.9 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor RelationsPT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Mooreast Holdings Announces Business Update

The Board of Directors (“Board”) of Mooreast Holdings Ltd. (“Mooreast” or the “Company”), and together with its subsidiaries, the “Group”) wishes to provide an update on several recent developments:

Completion of Multi-Buoy Mooring Upgrade Project at Gulf of Thailand

Further to the Company’s announcement dated 12 November 2024, Mooreast wishes to update that the project to upgrade a multi-buoy mooring (“MBM”) system off the eastern shore of the Gulf of Thailand was completed recently. The Group expects to recognise approximately S$8.8 million for this project in the first half of the financial year ending 31 December 2025 (“1H2025”).

The successful completion underscores the Group’s capabilities to handle sizeable mooring projects within the oil and gas (“O&G”) industry. Orders related to the O&G sector had been building up in 2H2024, and have continued to gain momentum in the first four months of FY2025. Even with the delivery of the MBM project, current orders at hand are at least equal to those at the end of FY2024. Accordingly, the Group expects revenue in 1H2025 to exceed the S$13.7 million recorded in 1H2024.

Additionally, the Group does not expect that the administrative and other operating expenses to increase significantly in FY2025 given that the current staffing is sufficient to support operations and business development in the near term and the absence of fees for professional services rendered to support the Group’s business repositioning efforts in FY2024.

Management is actively reviewing and implementing cost control measures to improve overall cost efficiency and profitability moving forward.

Update on Floating Wind Energy Projects in Europe and North Asia

On 1 January 2025, Mr. Eirik Ellingsen (“Mr. Ellingsen”), a Norwegian with deep experience in the offshore and marine sector, was appointed Chief Executive Officer (“CEO”). In the last four months, he has been working closely with Mr. Sim Koon Lam (“Mr Sim”), the founder, Executive Director and Deputy Chairman, on business development strategies amid an increase in commercialisation of floating wind energy projects worldwide.

Mr. Ellingsen has been actively engaging players involved in floating wind energy projects in Europe and North Asia, and participated in the WindEurope conference in Copenhagen, Denmark, earlier this month.

While the ‘first wave’ of implementation – involving largely demonstration and precommercial projects – had been delayed by the supply chain disruptions caused by the COVID-19 pandemic, the industry has clearly advanced to the ‘second wave’ – commercialisation at scale.

With the progress toward commercialisation, the Environmental Resources Management’s “Q3 2024 Global Offshore Wind Market Update” reported over 390 GW of floating wind projects in various planning and development stages.

Compared to 50-100 megawatts (“MW”) typical at pre-commercialisation, the latter involves projects of at least 500 MW each. Many of these projects are reaching the final investment decision (“FID”) phase in 2026 and 2027. These include multigigawatt (“GW”) scale projects which can contribute substantially to the growth of offshore wind capacity globally. Typically, mooring and rigging solutions, including anchors, chains, and ropes, account for between 5% to 10% of the total value of each floating wind energy project.

Approximately 5.5 GW of floating wind capacity is expected to reach FID in the next 24-36 months. Of this, about two-thirds involve projects in Europe, including those in the North Sea, while a third will come from North Asia. These projects may be deemed as the addressable market of Mooreast. As the Group is currently not targeting U.S. floating wind energy projects, it is not subject to U.S. Government tariffs for its products.

Already, Mooreast is working closely with these projects and has indicated its component costings. As these progress to full implementation, developers and partners are looking for a reliable manufacturer capable of handling the large volumes of anchors and mooring components required for these large-scale projects.

The Group believes it is uniquely positioned, given its status as Asia’s only ultra-high power anchor designer and manufacturer and its global footprint. Mooreast recently opened new offices in Taiwan and Malaysia in June and July 2024, respectively, expanding its presence in the Asian region.

The Group continues to assess the ability of its present facility at 51 Shipyard Road in Singapore to handle production of anchors and components as these projects advance to formal tender, noting that developers have indicated suppliers would need to demonstrate beforehand sufficient capacity to handle the indicative volume. Should such orders escalate beyond the current capacity of the existing yard, Mooreast would need to explore access to additional capacity. Meanwhile, the Company continues to develop its supply chain to better serve its customers globally.

The Company will provide updates to shareholders as and when there are material developments regarding floating renewable energy projects.

BY ORDER OF THE BOARD MOOREAST HOLDINGS LTD.
Mr Eirik Ellingsen
Chief Executive Officer
23 April 2025

This announcement has been reviewed by the Company’s sponsor, UOB Kay Hian Private Limited (the “Sponsor”).

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Wintermar Reports Results For The Full Year Ended 31 December 2024

Wintermar’s Operating Profit jumped by 101.5%YOY to US$17.8 million on the back of a 13.5%YOY increase in Total Revenue to US$82.4million, from higher charter rates and a better fleet mix of DP (Dynamic Positioning) vessels.

Owned Vessel Division

Owned Vessel Revenue rose by 28.9%YOY to US$62.1million for FY2024 from US$48.2million in FY2023. This was driven by a larger number of DP vessels in the fleet which pushed the average charter rates for 2024 up by 26% as compared to the average charter rate in 2023. These factors contributed to a 106.2%YOY jump in Gross Profit from Owned Vessels to US$22.4million for FY2024 with vessel utilization in 2024 at 66%, slightly lower than 68% for 2023.

Owned Vessel gross margin has increased to 36.1% in FY2024 as compared to 22.6% in FY2023, reflecting a strong increase in charter rates as well as a better fleet exposure to the DP segment. Our 5150BHP to 8000BHP AHTS as well as PSVs experienced a higher charter rate boost than the rest of the fleet due to rising demand for deeper water drilling projects, which require DP capability.

Vessel utilization fell in 4Q2024 to 63% compared to 67% in 3Q2024. Some vessels completed spot contracts while the monsoon season in Brunei also impacted utilization. These vessels underwent maintenance and will start operations again in mid 1Q2025. The additional PSV which was delivered in October 2024 did not commence operations until January 2025.

Chartering Division and Other Services

Gross Profit from Chartering rose by 28.7%YOY to US$1.4million, despite slightly lower revenue of US$13.7million, reflecting improved margins. Gross Profit from Other Services recorded a decline of 16.7%YOY to US$2.6million upon the completion of a contract.

Total Revenue for FY2024 rose 13.5% YOY to US$82.4 million with Total Gross Profit of US$26.4 million (+75.5%YOY) for FY2024 as compared to Total Revenue of US$72.6 million and Total Gross Profit of US$15.0 million in FY2023.

Direct Expenses and Gross Profit

Owned Vessel Direct expenses rose by 6.4% YOY to US$39.7million, largely from higher maintenance costs, which rose by US$7.5million (+21.8%YOY), in additional to higher crewing costs of US$10.3million (+10.5%YOY).

The higher maintenance and crewing costs are aligned with operating a fleet of higher value vessels and a larger proportion of operations outside of Indonesia. Depreciation costs rose by 5.4%YOY to US$13.4million as the number of operational vessels increased. Bunker costs rose by 7.2%YOY to US$3.3million due to higher oil prices and a larger number of vessels mobilized in and out of Indonesia.

Indirect Expenses and Operating Profit

Indirect Expenses rose by 38.5%YOY to US$8.6million, with Staff Salary contributing US$1million to the increase, reflecting a focus on strengthening the operations, technical and IT teams to manage a higher value fleet, as well as the payment of employee bonuses in line with the strong operational performance.

As the Company now participates in more international tenders, there has been an increase in marketing expenses by 164.8%YOY to US$0.66million.

Operating margins jumped to 21.6% for FY2024 compared to 12.2% in 2023, as Operating Profit doubled to US$17.8million for FY2024, reflecting the impact of operational gearing on the Company’s profitability as charter rates begin to rise.

Other Income, Expenses and Net Attributable Profit

Interest Expenses and financial charges fell by 4.2%YOY to US$1.2million while interest income rose by 582%YOY to US$0.46million, as the Company continued to accumulate cash flow and pay down debt.

Equity in net earnings of associates jumped to US$2.4million for FY2024 from US$0.55million in FY2023, with strong contribution from associated companies with OSV operations which also benefitted from the strong industry upturn.

The sale of fixed assets contributed a one-off gain of US$16.1million, largely from the sale of an older PSV in the first half of 2024. Due to the strengthening of the A, the Company recorded a FX loss of US$0.47million mainly from Rupiah denominated trade receivables.

Non-controlling interest was significantly higher at US$9.8million compared to a small loss of US$0.04million in FY2023. The largest contributor to this was from the gain on sale of fixed asset as well as the stronger earnings from the PSV business which is 51% controlled by Wintermar.

Net Attributable Profit to shareholders for FY2024 was US$22.5million, a significant jump of 237% compared to US$6.7million in FY2023. Excluding the gain on sale of Vessel, the underlying core profit increased by 126.5%YOY to US$15.1million compared to US$6.6 million in FY2023.

FY2024 EBITDA increased by 44.8% YOY to US$31.5million.

Industry Outlook

The recent months have been characterized by rising global uncertainty arising from dramatic policy changes in the US, the prospect of tariff wars and the fragile ceasefire in Gaza.

These upheavals have not derailed the underlying momentum in the upstream investment cycle, which seems to still be unfolding as major oil companies have started to roll back renewable energy projects in favour of investing in oil and gas. The oil price has corrected from previous highs but is forecasted to stay firm in the next couple of years from OPEC+ intervention.

In Indonesia, the government remains committed to the various major deepwater projects which have received investment approval in the past 12 months. SE Asian charter rates corrected slightly at the end of 2024 after a very sharp spike up in the past 12 months. However, there are several Engineering Procurement (EPCI) projects which require OSV for short-term projects, which accounts for a more volatile utilization of the OSV fleet.

Business Prospects

Despite a slower 4Q2024, we are still optimistic on the outlook for OSVs in Indonesia as there are several approved deepwater drilling projects particularly in the Makassar strait and the Andaman sea which are likely to commence in 2H2025 to 2026. Some EPCI contracts have been awarded and tendering for the marine spread is ongoing for 2H2025 commencement. All this points to continued short term contracts, by virtue of where we are at this early stage of the drilling cycle, and we expect continued volatility in utilization rates while charter rates should remain firm.

Wintermar took delivery of 3 units of newbuilt Heavy Load Barges (HLB) between December 2024 to February 2025. The vessels are in the process of conversion to Indonesian flag and will be ready to work by 2Q2025. In addition, the Company has ordered a newbuilt Platform Supply Vessel for delivery in 2026, which will enhance the DP capability of the fleet and reduce average age of the fleet. These acquisitions have been funded through internal cash flow and will be refinanced upon delivery. In 2H2025, another reactivated PSV is expected to be operational, adding to our capacity for 2025.

Contracts on hand as at end February 2025 amounted to US$66million.

About Wintermar Offshore Marine Group

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.

OAP2025 Focus on Southeast Asia’s Energy Future

According to data from the “China Offshore Energy Development Report 2024”, global investment in offshore oil and gas exploration and development reached approximately USD 209.6 billion in 2024, marking four consecutive years of growth with an average annual growth rate of 11%. It is expected that in the coming year, namely 2025, this investment will further climb to USD 220 billion. Among them, the Asia-Pacific market has shown particularly strong performance, with multiple projects successfully obtaining development authorizations.

To explore the latest development trends and opportunities in the Asia-Pacific offshore oil and gas industry, the 25th Offshore Asia Pacific Summit × FPS Malaysia 2025(OAP2025) will be held grandly in Kuala Lumpur, Malaysia, from February 24th to 25th!

OAP2025 WILL FOCUS ON THE IMPORTANT NEW OFFSHORE & FPS PROJECT UPDATES IN APAC

Under the current new normal of oil prices, the offshore oil and gas industry faces unprecedented opportunities and challenges. OAP2025 will focus on inviting key operators responsible for developing the top ten discovered oil and gas fields in Southeast Asia, and will conduct in-depth discussions on the development prospects and challenges of these fields.

– The Abadi gas field in Indonesia. The deepwater field has 18 TCF of gas in place and was discovered by Inpex with its partner, Shell in 2000. INPEX along with new partners Petronas and Pertamina plans to complete the Abadi project.
– The Layaran-1 well in Indonesia. The discovery well was drilled by Mubadala in 2023. Test data show 6 TCF of gas in place.
– The Geng-North 1 well in Indonesia. Eni drilled this discovery well in 2023. The gas in place is said to be 5 TCF.
– The Kawasari Field in Sarawak Malaysia. Petronas discovered the Kawasari field located in Block SK 316 offshore Sarawak in 2011 with 2 TCF of gas in place.
– The Marjoram/Rosmari development project in Sarawak Malaysia. Shell discovered the deepwater Marjoram and Rosmari sour gas fields in 2014. The two fields contain 2 TCF of combined gas in place.
– The Jerun Field in Sarawak Malaysia. Shell discovered this offshore field in Block SK 408 with 1.5 TCF of gas in place in 2016. The Jerun gas field was discovered by SapuraOMV Upstream with its partners, Sarawak Shell and Petronas Carigali.
– Block B Gas development in Vietnam. This huge integrated gas and power project involves Vietnam Oil and Gas Group, Petro Vietnam Exploration Production Corporation Limited, Petro Vietnam Gas Joint Stock Corporation, PTTEP of Thailand, and Mitsui of Japan.
– Ca Voi Xanh field in Vietnam. The Cai Voi Xanh field was discovered by ExxonMobil and PetroVietnam in 2011. This is one of Vietnam’s two largest gas discoveries with a gross gas volume estimated at 7 TCF (including CO2 and other inert gas).
– B14 gas field in Sarawak, Malaysia. SapuraOMV along with its partners Petronas and Mitsubishi. With 1.3 TCF of gas in place,production is scheduled to begin in 2028.
– BIGST Cluster in Malaysia. The cluster comprised of five undeveloped high-CO2 gas fields – the Bujang, Inas, Guling, Sepat, and Tujoh fields – was awarded to Petronas Carigali and JX Nippon Oil and Gas Corporation.

KEY SPEAKERS AT OAP

OAP2025 will invite authoritative industry experts to conduct an in-depth analysis of the current status, trends, and prospects of the global and Southeast Asian offshore oil and gas markets, drawing on the latest industry background information. In addition, the conference will explore the application of cutting-edge technologies such as digitization and decarbonization in the offshore oil and gas sector, providing forward-thinking insights and inspiration for attendees. We are honored to announce that leading enterprises in the Southeast Asian oil and gas industry, including Malaysia’s Petronas, Indonesia’s Pertamina, Myanmar Oil and Gas Enterprise (MOGE), and Thailand’s PTTEP, have confirmed their attendance at this conference! These companies are not only the energy pillars of their respective countries but also significant players in the global offshore oil and gas sector. Their participation will add more authority and professionalism to the conference, while also providing attendees with invaluable opportunities for in-depth exchanges and seeking cooperation with top enterprises.

*in no particular order

PARTICIPATING COMPANIES AT OAP

You will meet key players at OAP2025:
Petronas, Pertamina, SKK Migas, Shell, ExxonMobil, Equinor, Eni, SBM Offshore, MODEC, Yinson Production, MISC, BW Offshore, Bumi Armada, Bluewater Energies, Altera Infrastructures, Technip Energies, Seatrium, Genting Energy, Wood Group, Shapoorji Pallonji Energy, McDermott, MTC Engineering, HCML, Hoegh LNG, Golar LNG, Seatrium, MMHE, COOEC, Centertech etc., Petrofac，EPOMS，KBR ，Worley, Wood Group，Aragon，Aibel，VME, Black & Veatch, JORD International, Larsen & Toubro，ABS, Bureau Veritas, CCS, etc

NETWORKING OPPORTUNITIES

OAP2025 is not only a platform to showcase the latest achievements and cutting-edge technologies in the industry, but also a crucial opportunity to facilitate exchanges, cooperation, and joint development. During the conference, participants will have the chance to engage in in-depth exchanges with policymakers, experts, and scholars from around the world through various forms such as welcome receptions, one-on-one meetings, dinners, and grand award ceremonies. Together, they will explore cooperation opportunities and promote the implementation of projects.

you can also directly click on the link http://www.offshore-asiapacific.com/ to register

Welcome to OAP2025 – Focus on unique networking opportunities, meet high-level industry decision-makers, and listen to industry trends and outlooks for development.

MAIN AGENDA

Review of Previous Summits

On December 5-6, 2023, the 23rd Offshore Asia Pacific Summit was successfully held in Kuala Lumpur, Malaysia. Subsequently, on December 7-8, 2023, we held a two-day business site tour in Kuala Lumpur. Representatives from different companies visited leading energy industry enterprises in Malaysia, including MPRC, SBM Offshore, PETRONAS, MMHE, Sapura Energy, and Bumi Armada. During the business site tour, the delegation had extensive and in-depth discussions with senior executives on topics such as technology cooperation, project investment, market expansion, and sustainable development. They emphasized the importance of cooperation and innovation in the energy sector to promote global energy transition and sustainable development, and looked forward to jointly exploring broader markets. This business site tour not only strengthened the communication and cooperation among participating enterprises in the energy field, but also laid a solid foundation for future cooperation projects. We believe that through the joint efforts of all parties, cooperation and development in the energy sector will further make breakthrough progress, and make greater contributions to the global energy transition and sustainable development.

Finally, we would like to express our gratitude once again to MPRC, SBM Offshore, PETRONAS, MMHE, Sapura Energy, and Bumi Armada for their strong support. We look forward to continuing to play a leading role in the future development, exploring more innovation and development opportunities in the field of offshore oil and gas, and making greater contributions to the global offshore energy industry!

If you are interested in the conference, please contact us at ritaw@cdmc.org.cn for further information about the conference.

SGX-Listed Mooreast Appoints Norwegian Eirik Ellingsen as CEO to Drive Growth in Global Floating Offshore Wind Market

Mooreast Holdings Ltd. (“Mooreast” or the “Group”), announced today it will appoint Mr Eirik Ellingsen, a Norwegian with deep experience in the offshore and marine sector, as Chief Executive Officer (“CEO”) amid growing adoption of floating wind energy projects worldwide.

Mr Eirik Ellingsen’s appointment, which will begin 1 January 2025, comes amid the growing commercialisation of floating offshore renewable energy projects

Mr Ellingsen will assume the role of CEO at Mooreast on 1 January 2025. He will be taking over from Mr Sim Koon Lam, the founder, who will continue to serve as Executive Director and Deputy Chairman of the Group.

Mooreast is a total mooring solutions specialist and Asia’s only ultra-high power anchor manufacturer primarily serving the offshore renewable energy, offshore oil & gas and marine industries. With operations in Singapore and the Netherlands, the Group is establishing a manufacturing facility in Aberdeen, Scotland, and is making forays into the North East Asia market.

In June 2024, the Group announced that it was acquiring 60 Shipyard Crescent from a subsidiary of Seatrium Limited. The acquisition increases Mooreast’s total land area to 129,609 sqm (approx. 1.4 million sqft) and quadruples its production capacity to produce enough subsea foundation to support between 1.5 gigawatts (“GW”) to 2GW of floating offshore wind energy per annum compared to its current capacity of 0.5GW.

Mr Ellingsen, who is also a resident of Singapore, brings over 35 years of experience to the role. He is currently serving as Director of Offshore Wind in the Asia Pacific at independent non-profit foundation Norwegian Energy Partners (“Norwep”). In that role, he built strong relationships with the global offshore wind industry across South Korea, Japan, Taiwan, the Philippines, Vietnam and Australia. His last day at Norwep will be 31 December 2024.

Before joining Norwep, Mr Ellingsen held several key roles in the global offshore industry. Notably, he served as Group Executive Director for Ferguson Group Ltd, where he oversaw its global container and modular business, and established its Singapore operations in 2008. He also founded Norway-based Ferdocean AS in 2018 which was sold in 2022. Following the sale, he was appointed Non-Executive Director of Ferdocean AS, where he provided strategic operational oversight of the business.

Mr Ellingsen holds certifications in Business Sustainability Management from the University of Cambridge, Leadership and Competence Development for Board and Committee Members from the University of Stavanger and in Foundation Program in Business Administration from the BI Norwegian School of Management. Additionally, he is a certified ISO 9001, 14001, 27001 Lead Auditor through the Knowledge Academy.

Mr Ellingsen’s appointment comes amid the growing commercialisation of floating renewable energy projects, which are moving further offshore to deeper waters, driving demand for advanced mooring solutions such as anchoring techniques and synthetic mooring lines.

Floating wind farm developers require an innovative partner with a reliable network of suppliers and manufacturing capabilities to reduce costs and address supply chain challenges. This presents Mooreast with a strong opportunity to offer its cutting-edge mooring solutions.

Mooreast said it would leverage on Mr Ellingsen’s extensive expertise and network within the offshore wind industry to capture business opportunities, as the Group positions itself as a key player in the global floating offshore wind market.

Commenting on the appointment, Mr Sim Koon Lam said, “We are delighted to welcome Mr Ellingsen to the team; his experience, strong track record and deep industry knowledge and network will further accelerate our push towards the floating offshore renewable sector. We are confident he will strengthen our strategic direction, propel the Group to the next level and deliver long-term value to our shareholders.”

Mr Eirik Ellingsen said “I am deeply honoured and excited to take on the role of CEO at Mooreast. I look forward to working with the Mooreast team to implement key transformation strategies to build momentum and achieve the Group’s long-term vision of becoming the leading mooring solutions provider within the floating renewable energy sector.”

Leveraging more than 30 years of mooring and offshore marine expertise, Mooreast total mooring solutions include the design, engineering and fabrication of specialist anchors and equipment, as well as geotechnical and geophysical studies such as soil data analysis to determine project feasibility and engineering design for mooring configuration for floating wind turbines. The Group also incorporated Mooreast Taiwan in May 2024 and Mooreast Malaysia in July 2024.

This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.

Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland, Taiwan and Malaysia.

Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe.

For more information, please visit https://mooreast.com/

Media & Investor Contact Information
WeR1 Consultants Pte Ltd
1 Raffles Place #02-01
One Raffles Place Mall Suite 332
Singapore 048616
Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)

Wintermar Offshore (WINS:JK) Reports 9M2024 Results

Wintermar Offshore Marine (WINS:JK) has announced results for 9M2024. Wintermar’s 9M2024 Net operating profit doubled to US$11.8million (+127.1% YOY) from US$5.2 million in 9M2023, contributed by higher charter rates in DP vessels and additional vessels commencing operations, while Net Attributable Profit which includes gains from vessel sales jumped to US$19.7million for 9M2024 compared to US$2.8million in 9M2023.

Owned Vessel Division

In the Owned Vessel segment, Revenues jumped by 36.7% YOY to US$45.0 million for 9M2024, up from US$33.0 million in 9M2023. This growth was fueled by the continued rise in OSV charter rates particularly in the higher tier segment. Gross Profit from Owned Vessels rose by 124.7% YOY to US$15.5 million in 9M2024, compared to US$6.9 million in the same period last year with average charter rates 23.1% higher in 9M2024 compared to 9M2023 while vessel utilization improved slightly from 65% in 9M2023 to 67% in 9M2024.

On a Quarterly basis, Owned Vessel Revenue increased by 35.1% YOY from US$13.2million in 2Q2024 to US$17.8million in 3Q2024. This strong growth was primarily driven by the deployment of two Platform Supply Vessels (PSVs) on long-term contracts at market rates after coming off a lower priced contract in April 2024, and a reactivated PSV coming into operation in August. Gross Profit increased by an impressive 81.8% QOQ, reaching US$7.5 million in 3Q2024, compared to US$4.1 million in 2Q2024, highlighting the significant widening in Owned Vessel gross margin to 41.9% in 3Q2024 from 31.1% in 2Q2024.

Chartering Division and Other Services

The Chartering Division also enjoyed an increase Gross Profit by 20.9% YOY, despite a 11.2% YOY decline in revenue, from US$12.9 million in 9M2023 to US$11.4 million in 9M2024.

Revenue from Other Services declined by 6.5% YOY, from US$5.4 million in 9M2023 to US$5.0 million in 9M2024. Gross Profit also decreased during this period, from US$2.3 million to US$1.7 million.

Total Revenue rose 20.1% YOY to US$61.5million with Total Gross Profit of US$18.4 million(+81.2%YOY) for 9M2024 as compared to Total Revenue of US$51.2million and Total Gross Profit of US$10.1million in 9M2023.

Direct Expenses and Gross Profit

Reflecting the Company’s expanding operations and rising operational demands, Direct Costs for the Owned Vessel Division increased by 13.4% YOY to US$29.6million in 9M2024 compared to 9M2023. Depreciation costs grew by 8.2% YOY reaching US$10.1 million, due to the addition of vessels to the fleet. Crewing Expenses rose by 12.7% to US$7.6 million, due to the higher salaries and allowances required for Dynamic Positioning (DP) vessels and more vessels operating outside Indonesia.

For 9M2024, Maintenance Costs increased by 39.8% YOY, to US$5.9 million, while fuel bunker costs increased by 16.8% YOY, totaling US$2.2 million. These cost increases were driven by major docking activities for certain vessels and the preparation of higher-tier vessels for long-term contracts.

Indirect Expenses and Operating Profit

Total Indirect Expenses increased by 33.1% YOY, rising from US$4.9 million in 9M2023 to US$6.6 million. The largest contributor to this increase came from salaries (+31.6% YOY to US$4.7million) due to a growing workforce in line with business expansion and bonuses paid in 2Q2024 while employee benefits were normalized in 2024 after an adjustment in 2023.

Marketing expenses increased by 275% YOY from US$0.09 million in 9M2023 to US$0.4 million in 9M2024, due to marketing fees to support the Company’s international growth.

Despite these cost increases, Wintermar successfully improved operational performance, reflected in a 127.1% YOY jump in operating profit, which grew from US$5.2 million in 9M2023 to US$11.8 million in 9M2024.

Other Income, Expenses and Net Attributable Profit

Interest Expenses continued to fall from US$0.9 million in 9M2023 to US$0.8 million in 9M2024, reflecting a -19.1% YOY decline as outstanding bank debt decreased. The Company is now cash positive, leading to a significant increase in interest income from US$0.03 million in 9M2023 to US$0.3 million in 9M2024. This improvement in cash flow was driven by better operational performance and substantial gains from the sale of vessels.

Equity in net earnings of associates turned around with a gain of US$2.1 million in 9M2024 compared to a loss of US$0.3 million in 9M2024, as operational performance from our associated companies also benefited from the industry upturn.

The sale of vessels resulted in a substantial gain of US$17.4 million from the disposal of fixed assets in 1H2024, effectively crystalizing the monetary value of the fleet. This cash inflow provided management with the opportunity to reinvest in similar but younger vessels. In August 2024, the Company took delivery of a Platform Supply Vessel built in 2022, which is expected to be operationally ready by early December 2024. Non controlling interest was significantly higher at US$7.5million compared to only US$0.03million in 9M2023 to account for the minority share of earnings from the PSV business which is 51% controlled by Wintermar.

Net Attributable Profit for 9M2024 totaled US$19.7million, a six fold increase (+605.2%YOY) from US$2.8million in 9M2023, due to a combination of higher gross profit from a strong performance in the core business as well as the gain from sale of vessels.

The group’s EBITDA increased by 50.8% YOY for 9M2024, reaching US$22.1 million.

Industry Outlook

The world is navigating turbulent times, with escalating conflicts in the Middle East and Russia’s ongoing war in Ukraine affecting some of the world’s most important oil producing countries. Geopolitical uncertainty has exposed the underlying vulnerabilities of the global energy system, which has contributed to a new investment cycle in upstream oil and gas as governments seek to ensure energy security.

The current economic outlook points to global oil demand remaining resilient. According to the International Energy Agency (IEA), global demand for oil is expected stay above 100 million barrels per day (mb/d) through 2050. This sustained demand is driven by industrial uses, heavy-duty transportation, and petrochemical needs. The transition to renewable energy is reshaping consumption patterns, but oil and natural gas will continue to play a crucial role in meeting global energy needs.

Southeast Asia remains heavily reliant on energy imports, especially oil and natural gas, to meet its growing demand. According to the IEA’s World Energy Outlook, Southeast Asia is projected to become a net importer of natural gas by 2030, while China and India are also seeing a significant rise in their reliance on imported energy. China’s oil imports are expected to surpass 80% by 2050, increasing its vulnerability to global supply disruptions.

The Indonesian government has introduced a new gross split scheme aimed at attracting upstream investments by simplifying contractual terms and providing more favorable conditions for oil and gas contractors. This welcome move demonstrates the political will to ramp up upstream oil and gas investments in Indonesia, needed to mitigate natural production declines and the widening oil trade deficit in recent years.

Business Prospects

Wintermar continues to strategically strengthen its financial position and revitalize its fleet through targeted investments. As of the first nine months of 2024, the Company has invested in USS$38.8 million in fleet expansion to position its fleet in anticipation of future demand. This includes an Accommodation Work Barge (AWB), a 2022 built Platform Supply Vessel (PSV), and three newly constructed heavy load barges scheduled for delivery by the end of the year. These investments not only modernize Wintermar’s fleet but also align it with expected OSV demand as early-stage offshore drilling and exploration projects transition into the construction and production phases.

These acquisitions have been financed through a combination of internal cash flow, bank loans and the sale of several low-yielding vessels. The success in securing new loans has demonstrated support from banks and enables the Company to optimize the capital structure.

Contracts on hand as at end September 2024 amounted to US$71.4 million.

Dividend payment

Based on the strong results in the first 9 months of 2024, the Directors have declared the payment of an interim dividend of Rp8 per share, totaling Rp34.92billion or US$2.25million. More information on the recording date can be found on our website.

About Wintermar Offshore Marine Group

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

2nd ASEAN Battery Technology Conference Strengthens Southeast Asia Battery Ecosystem Through New Collaborations and Expansion

The 2nd ASEAN Battery Technology Conference (ABTC) returned and strengthened the commitment to develop a close knitted battery development ecosystem among the Southeast Asian countries. Hosted in Singapore this year by the Singapore Battery Consortium at Singapore at the Shangri-La Rasa Sentosa between 21st and 23rd August 2024.

The conference is also jointly organised by the alliance of leading battery related associations in the region – the Thailand Energy Storage Technology Association, the National Battery Research Institute, the National Center for Sustainable Transportation Technology, NanoMalaysia, and the Electric Vehicle Association of the Philippines.

Dr. Pimpa Limthongkul, Co-Chairman of ABTC and President of the Thailand Energy Storage Technology Association, said, “This year, we are excited to see the expansion of what we have achieved since we last gathered together last year in Bali. Our alliance has grown from three to now six battery associations in Southeast Asia and we will continue to grow in strength. Witnessing the collaborations between the battery associations, private sector and academia is a celebration of how we are moving forward together to drive innovation for a more connected and eco-friendly future in the region.”

On the second day of the conference, over 250 participants and the six leading battery associations in Southeast Asia witnessed the signing of three new Memorandums of Understanding or MoUs that will further the development of batteries in the region.

From L to R: Prof. Nonglak Meethong (Professor, Khon Kaen University), Mr. Larry Poon (Business Development Manager, INV CORPORATION PTE. LTD.), Dr. Rezal Khairi Bin Ahmad (CEO, NanoMalaysia Berhad), Mr. Bryan Oh (CEO, NEU Battery Materials Pte Ltd) Mr. Freddie Kim (Managing Director, SAMSUNG SDI SOUTHEAST ASIA), Dr. Sing Yang Chiam, Technical Director Singapore Battery Consortium.

Three Memorandums of Understanding

Gigafactory Malaysia (GMSB) and NEU Battery Materials (NEU) to Collaborate on Lithium Battery Recycling Development

The collaboration will focus on developing “Gigafactory” level operations and manufacturing of innovative battery technologies incorporating nanomaterials for mobility and stationary applications. This collaboration is the progression of the Memorandum of Understanding (“Memorandum”) signed in Bali, Indonesia at the 2023 ASEAN Battery and Electric Vehicle Technology Conference (ABEVTC) to promote cross-country collaboration within ASEAN on battery technology.

Singapore-based, NEU, who are specialists in LFP battery recycling will ensure a steady supply of recycled battery material, like lithium carbonate and other metals are made available to GMSB’s Hydrogen-Electric-Vehicle-Battery (HEBATT) Centre for performance testing. GMSB is a subsidiary of NanoMalaysia.

The testing of the recycled material is to ensure their viability and sustainability within the Malaysia battery ecosystem, which would expand to localised development of a lithium battery recycling ecosystem for the ASEAN region. NEU and GMSB will facilitate this supply and development based on spent battery material being used in an end-to-end ecosystem.

This will also pave the way for the exploration of a joint-development programme for improved recycling efficiency between these two companies.

Gigafactory Malaysia Sdn Bhd (GMSB) and Khon Khean University (KKU) to Collaborate on Manufacturing of Cells Developed by GMSB

GMSB’s and KKU’s collaboration will leverage their joint expertise and resources, with KKU acting as the outsourced manufacturer for batteries developed by GMSB. The collaboration will also provide knowledge sharing in battery testing and certification that will lead to productivity advancements at GMSB’s Hydrogen-Electric-Vehicle-Battery (HEBATT) Centre in Malaysia.

This Memorandum of Understanding (MoU) is an extension of an agreement signed at the 2023 ASEAN Battery and Electric Vehicle Technology Conference (ABEVTC) in Bali, which involved key organisations from Singapore, Indonesia, Thailand, Malaysia, and the Philippines.

Aligned with the ASEAN Battery Network’s mission, this MoU aims to strengthen battery technology development within ASEAN.

Institute of Materials Research and Engineering (IMRE), Singapore and INV Corporation to collaborate on Joint Research to Develop Hybrid Battery Separators

A Research Collaborative Agreement will be signed between the Institute of Materials Research and Engineering in Singapore and INV to develop the next generation hybrid battery separators, which will address the challenges of safety faced by current rechargeable batteries.

This collaboration seeks to play on the strengths and IPs in solid state batteries developed in Singapore. INV is headquartered in Singapore and is the largest battery separator film manufacturer in the world. Its production plants are in Sweden and Malaysia.

Samsung SDI Southeast Asia Expansion

Samsung SDI, a high-performance battery manufacturer based in South Korea, opened its Regional HQ in Southeast Asia in Singapore on 19 April 2024. Samsung SDI currently has two manufacturing sites in Southeast Asia, located in Malaysia and Vietnam. To enhance customer service, the company has established two sales offices in Vietnam (December 2023) and Singapore (April 2024).

Samsung SDI Southeast Asia PTE LTD (SDISEA) also announced that it will open Samsung SDI R&D Singapore (SDIRS) on 1 September 2024, during the 2nd ASEAN Battery Technology Conference (ABTC).

Under its vision of making the world greener and more sustainable through innovative technology, Samsung SDI will provide its customers in Southeast Asia with PRiMX (Prime Battery for Maximum Experience) batteries and technologies in pursuit of utmost customer satisfaction.

Hosting of the ABTC is rotated among the co-organisers. In 2025, TESTA will host the ABTC in Thailand.

For more information on the programme agenda, please visit our official site: https://reg.eventnook.com/event/ABTC2024/home

The conference’s anchor sponsor is Hyundai Motor Group Innovation Center Singapore (HMGICS), with the gala dinner sponsored by INV Corporation Pte Ltd.

Gold sponsors include Amphenol Communications Solutions, Quantel Pte Ltd, Infineon Technologies Asia Pacific Pte Ltd, and Gotion Singapore Pte Ltd, while silver sponsors are Concord New Energy Group Limited, Kewell Technology Co.,Ltd., Metrohm Singapore Pte Ltd, TME Systems Pte Ltd.

Additional sponsors include Samsung SDI Southeast Asia Pte. Ltd, Siemens Industry Software Pte Ltd, UL Standards & Engagement, and NEWARE Technology Limited. Publicity partners are the EV Association of Singapore, EV Association of Malaysia, and Turn Off Turn On Ventures.

Media Contact
PRecious Communications
abtc@preciouscomms.com

About ASEAN Battery Technology Conference

ASEAN Battery Technology Conference (ABTC) stands out as the premier battery conference in ASEAN, attracting an audience of over 250 participants. We look forward to engaging with a diverse range of participants, including cell manufacturers, pack integrators, and recycling companies. The mission of ABTC is to bring together regional battery expertise, creating unique opportunities within the global battery value chain.

The primary objective of ABTC is to foster collaboration among stakeholders in the battery industry. We aim to facilitate insightful discussions covering various topics, such as advanced battery materials, prototyping, cell-to-pack technologies, and recycling strategies.

In addition to these focal points, the conference will explore related aspects such as standards, interoperability, and the ongoing evolution of battery safety technology.

Organisers of ABTC

About Singapore Battery Consortium

Singapore Battery Consortium (SBC) aims to foster strategic R&D partnerships amongst public research performers and industry players in developing and advancing battery technologies. SBC aims to develop and catalyze the local ecosystem in battery-related technologies through this platform. It is hosted at A*STAR and supported by the National Research Foundation Singapore (NRF). Over the past decade, commercial interest in battery development has been on the rise, keeping pace with demand for better battery performance and different performance characteristics for increasingly complex mobility and portable devices. To meet this demand, the Singapore Battery Consortium will bring research outcomes from our laboratories into the market by enabling researchers to understand business requirements, while giving companies access to the latest battery research and technologies to augment their product development efforts.

About Thailand Energy Storage Technology Association (TESTA)

TESTA or THAILAND ENERGY STORAGE TECHNOLOGY ASSOCIATION aims to help connect stakeholders, educate the public, promote understanding, and nurture technological advancements in energy storage technologies in Thailand. TESTA was officially registered on January 25, 2021, by 5 founding institutes including the National Science and Technology Development Agency (NSTDA), Khon Kaen University (KKU), King Mongkut’s University of Technology Thonburi (KMUTT), King Mongkut’s University of Technology North Bangkok (KMUT-NB), and Electric Vehicle Association of Thailand (EVAT). Over 60 members of the association include energy storage technology enthusiasts from various sectors ranging from academic, research institutes, public sectors, policymakers, and private industries.

About National Center for Sustainable Transportation Technology (NCSTT)

The National Center for Sustainable Transportation Technology (NCSTT), or Pusat Pengembangan Teknologi Transportasi Berkelanjutan, is from Indonesia and is a unique multidisciplinary research center focused on conducting, supporting and encouraging applied engineering and technology for transportation systems in Indonesia. NCSTT has been recognized globally as the research center which aims to foster the national transportation industry in developing national economics and welfare. NCSTT has built network linkages and research collaborations with national transportation stakeholders such as automotive, railway and aircraft industries, as well as research institutions and universities.

About National Battery Research Institute (NBRI)

The National Battery Research Institute (NBRI) was legally established on 17th December 2020 as The Center of Excellence Innovation of Battery and Renewable Energy Foundation, with Prof.Dr. Evvy Kartini as a Founder and Prof Alan J. Drew as Co-Founder. NBRI is Indonesia’s independent institute for electrochemical energy storage science and technology, supporting research, training, and education. NBRI aims to contribute to the overall research capacity and training environment in Indonesia in Battery Research. NBRI is a platform that brings together scientists, academicians, industry partners, the government and all stakeholders that focus on battery technology. The main goal of NBRI is to encourage and support a battery manufacturing industry using local resources, which will enable Indonesia to be independent in energy. The NBRI was supported by the UK Government’s Global Challenge Research Fund (GCRF), part of the Queen Mary University of London QR allocation.

About Electric Vehicle Association of Philippines (eVAP)

eVAP envisions a nation wherein the use of electric vehicles is highly promoted, encouraged and supported by its government and society to develop a transportation landscape that is one with the environment ecologically and economically. eVAP’s mission is to educate the public on environmental awareness, and the economic and ecological benefits of electric vehicles through the conduct of and/or participation in promotional activities.eVAP aims to accelerate society’s conversion from using gas-powered vehicles to electric vehicles and works with the government in the creation and implementation of legislation that will support and encourage the use of electric vehicles.

About NanoMalaysia

NanoMalaysia Berhad was incorporated in 2011 as a company limited by guarantee (CLBG) under the Minister of Science, Technology and Innovation (MOSTI) to act as a business entity entrusted with nanotechnology commercialization activities. Some of its roles include commercialization of nanotechnology research and development, industrialization of nanotechnology, facilitation of investments in nanotechnology and human capital development in nanotechnology.

2nd ASEAN Battery Technology Conference Announces New Collaborations and Expansion to Strengthen Southeast Asia Battery Ecosystem

The conference is also jointly organised by the alliance of leading battery associations in the region – the Thailand Energy Storage Technology Association, the National Battery Research Institute, the National Center for Sustainable Transportation Technology, NanoMalaysia, and the Electric Vehicle Association of the Philippines.

Dr. Pimpa Limthongkul, Co-Chairman of ABTC and President of the Thailand Energy Storage Technology Association, said, “This year we are excited to see the expansion of what we have achieved since we last gathered together last year in Bali. Our alliance has grown from three to now six battery associations in Southeast Asia and we will continue to grow in strength. Witnessing the collaborations between the battery associations, private sector and academia is a celebration of how we are moving forward together to drive innovation for a more connected and eco-friendly future in the region.”

From L to R: Prof. Nonglak Meethong (Professor, Khon Kaen University), Mr. Larry Poon (Business Development Manager, INV CORPORATION PTE. LTD.), Dr. Rezal Khairi Bin Ahmad (CEO, NanoMalaysia Berhad), Mr. Bryan Oh (CEO, NEU Battery Materials Pte Ltd) Mr. Freddie Kim (Managing Director, SAMSUNG SDI SOUTHEAST ASIA), Dr. Sing Yang Chiam, Technical Director Singapore Battery Consortium.

Three Memorandums of Understanding

Gigafactory Malaysia (GMSB) and NEU Battery Materials (NEU) to Collaborate on Lithium Battery Recycling Development

This will also pave the way for the exploration of a joint-development programme for improved recycling efficiency between these two companies.

Gigafactory Malaysia Sdn Bhd (GMSB) and Khon Khean University (KKU) to Collaborate on Manufacturing of Cells Developed by GMSB

Aligned with the ASEAN Battery Network’s mission, this MoU aims to strengthen battery technology development within ASEAN.

Institute of Materials Research and Engineering (IMRE), Singapore and INV Corporation to collaborate on Joint Research to Develop Hybrid Battery Separators

Samsung SDI Southeast Asia Expansion

Samsung SDI, Korean high performance battery manufacturer began production in Southeast Asia with its first facility in Malaysia in 1992 and built a second plant in Vietnam in 2010. It will also open a second plant in Malaysia in 2025.

To better support its customers in the region, it recently opened two sales offices in Vietnam and Singapore, with Singapore as the region sales headquarters for South East Asia.

It is also planning to open new sales offices in Malaysia, Indonesia, Thailand and Philippines.

Samsung SDI’s core battery product in Southeast Asia is the “Prime Battery for Maximum Experience” or PRiMX for short. PRiMX batteries are high on performance, reliability and safety using high nickel (low cobalt) cathode and silicon anode.

As the company’s vision, expect to make the world greener and sustainable through innovative technology.

Hosting of the ABTC is rotated among the co-organisers. In 2025, TESTA will host the ABTC in Thailand.

For more information on the programme agenda, please visit our official site: https://reg.eventnook.com/event/ABTC2024/home

The conference’s anchor sponsor is Hyundai Motor Group Innovation Center Singapore (HMGICS), with the gala dinner sponsored by INV Corporation Pte Ltd.

Media Contact
PRecious Communications
abtc@preciouscomms.com

About ASEAN Battery Technology Conference

In addition to these focal points, the conference will explore related aspects such as standards, interoperability, and the ongoing evolution of battery safety technology.

Organisers of ABTC

About Singapore Battery Consortium

About Thailand Energy Storage Technology Association (TESTA)

About National Center for Sustainable Transportation Technology (NCSTT)

About National Battery Research Institute (NBRI)

About Electric Vehicle Association of Philippines (eVAP)

About NanoMalaysia

Wintermar Offshore (WINS:JK) Reports 1H2024 Results

PT Wintermar Offshore Marine Tbk (WINS:JK) has announced results for 1H2024. Wintermar’s Gross Profit for 1H2024 jumped 90.4%YOY to US$10.4million from US$5.4million in 1H2023, driven by rising charter rates on Owned Vessels, while Attributable Net Profit reached US$13.4million for the same period as the Company booked a large gain on sale of vessels.

Wintermar recently secured long term contract for two PSVs working in Indonesia. — Wintermar recently secured a long term contract for two PSVs working in Indonesia.

Total Revenues rose steadily by 22.9%YOY to US$38.3million for 1H2024, contributed by a strong 41.5% YOY increase in Owned Vessel revenue which rose to US$27.2million in 1H2024 compared to US$19.2million in 1H2023. This is attributable to the continued rise in OSV charter rates which on average are 39.8% higher in 1H2024 compared to the average for 1H2023.

Owned Vessel Division

In the first half of 2024, Gross Profit from Owned Vessel jumped by 153.9%YOY to US$8.0 million on the back of Owned Vessel Revenue of US$27.2 million compared to US$19.2 million in 1H2023. The significant growth was primarily due to higher charter rates along with an increase in fleet utilization from 61% in 1H2023 to 67% in 1H2024.

2Q2024 Revenue remained strong despite the sale of one Platform Supply Vessel (PSV), one Fast Utility Vessel (FUV), and one Anchor Handling Tug (AHT) during the quarter, reflecting the strength of the underlying market as higher charter rates were able to compensate for fewer operational vessels in 2Q2024 compared to 1Q2024.

There were some positive developments in the High Tier Vessel segment in the second quarter. Two PSVs ended a long term contract at the end of April 2024, after which one was re-contracted at market rates more than double of the previous charter rate, while the other underwent major docking. An older PSV was sold in April at an opportunistic price at nearly double of her book value. Despite having sold three vessels in 2Q2024, the gross profit for 2Q2024 was slightly higher on a QOQ basis at US$ 4.1million compared to US$3.9million in 1Q2024. This reflects the strength of the market demand for these vessels.

Owned Vessel Direct Expenses rose by 19.3% YOY, reaching US$19.2 million from US$16.1 million in 1H2023. The increase was primarily due to higher maintenance costs (+ 78.2% YOY) from US$2.3 million in 1H2023 to US$4.1 million in 1H2024. This arose due to the preparation of a higher tier vessel for overseas work and a major docking for one PSV following the end of her long-term contract. Operational Costs grew by 19.0% YOY, from US$1.9 million in 1H2023 to US$2.3 million in 1H2024, due to a growing number of vessels working outside Indonesia where agency and other costs are higher. Crewing Expenses also increased by 15.3% YOY, rising to US$5.0 million from US$4.4 million in 1H2023, accounting for higher salary and allowances for crew working internationally.

Chartering Division and Other Services

The Chartering division experienced a 4.5%YOY growth in margins which resulted in slightly higher Gross Profit of US$0.7million despite lower Revenues of US$7.5 million (-8.1%YOY) in 1H2024. This was due to a lower number of chartered vessels, after the Company purchased a previously chartered vessel.

Similarly, Gross Profit from the Other Services Division rose slightly to US$1.64million in 1H2024 compared to US$1.62million in 1H2023 despite a 4.5%YOY decline in revenue to US$3.7million.

Total Gross Profit for 1H2024 stood at US$10,4 million up by 91.4%, almost doubling from US$5.4 million in 1H2023.

Indirect Expenses and Operating Profit

Total Indirect Expenses increased by 53.6%YOY, rising from US$3.0 million in 1H2023 to US$4.6 million in 1H2024. This increase was primarily driven by increase in staff salaries and employee benefits.

Staff salaries rose by 35.9% YOY, from US$2.5 million in 1H2023 to US$3.4 million in 1H2024, due to a growing workforce in line with business expansion and bonuses paid in 2Q2024. Employee benefits reverted back to an expense of US$0.2 million in 1H2024, after an adjustment in 2023 to comply with changes in the Omnibus Law resulted in reversal from an income of US$0.2 million in 1H2023.

Operating Profit for 1H2024 was US$5.7 million, which increased 136.0% compared to the same periode in previous year. The operating margin rose to 15.0% in 1H2024 compared to 7.8% in 1H2023.

Other Income, Expenses and Net Attributable Profit

Interest Expenses continued to fall from US$0.55 million in 1H2023 to US$0.45 million in 1H2024(-17.2%YOY), as outstanding bank debt shrank. The Company is now cash positive, leading to a six-fold increase in interest income from US$0.02 million in 1H2023 to US$0.15 million in 1H2024. Cash Inflows came from improved operations and vessel sales.

Equity in net earnings of associates saw a turnaround, moving from a loss of US$0.1 million in 1H2023 to an income of US$0.8 million in 1H2024. This improvement was due to better operational performance from our associated companies as the industry recovers.

The sale of vessels led to a significant gain from sale of fixed asset of US$17.4 million in 1H2024, which crystallised the monetary value of the fleet. This contributed cash flow which management is actively seeking to reinvest into similar but younger vessels.

The strong performance of the business resulted in a net income attributable to shareholders of US$13.4 million for 1H2024, compared to US$1.1 million in the same period of 2023. Excluding the impact of vessel sales, the core profit for the 1H2024 period amounted to US$4.9million. On a quarter to quarter comparison, excluding the impact of vessel sales, 2Q2024 recorded core net profit of US$2.8million as compared to USD2.1million in 1Q2024.

The group’s EBITDA also jumped by 46.5% YOY for 1H2024, reaching US$12.7 million.

Industry Outlook

According to the International Energy Forum (IEF) and S&P Global, oil demand is expected to reach nearly 110 million barrels per day (mb/d) by 2030 before gradually declining to approximately 100 mb/d by 2050. This trajectory highlights the critical need for sustained investment in the energy sector, as there is a growing awareness of the significant energy requirements in the interim period as the world transitions from fossil fuels to renewable energy. The high demand for steel and rare minerals to produce electric vehicles and batteries, coupled with the recent slowdown in electric vehicle (EV) adoption highlight the uncertainty of future oil demand.

In the past half year, the offshore oil sector has benefitted from more favorable economic conditions, as lower breakeven costs for upstream projects encouraged continued investment in offshore oil and gas exploration, particularly in regions rich in untapped reserves. Concurrently, the Offshore Support Vessel (OSV) market is experiencing dynamic growth driven by demand from escalating offshore activities in the oil and gas sectors globally. Within the offshore sector, there is an emphasis on deepwater and ultra-deepwater exploration which has heightened the need for advanced OSVs capable of operating in these challenging environments.

According to Rystad Energy’s latest analysis, Offshore gas production in Southeast Asia is set to unlock a US$100 billion potential, driven by a surge of planned final investment decisions (FIDs) expected by 2028. This marks a significant increase over the US$45 billion-worth of projects sanctioned between 2014 to 2023. Deepwater developments, significant offshore Indonesian and Malaysian discoveries and advancements in carbon capture and storage (CCS) bode well for the longer-term sustainability of offshore activity in the region.

Looking ahead, a major issue facing the offshore support vessel (OSV) industry is the scarcity of new vessel constructions and exacerbated by an aging fleet, particularly among the larger vessels crucial for deepwater operations. This condition makes the market even tighter, pushing charter rates higher due to high demand and limited new vessel entries.

Business Prospects

Wintermar is strategically strengthening its financial position and expanding its asset base. In the first six months of 2024, the Company invested in three additional vessels worth US$13.9 million, of which two are new built heavy load barges which will be delivered at the end of this year. These investments position Wintermar’s fleet in segments with anticipated higher demand in the coming years. These vessels will be required as the initial drilling and exploration projects which recently began gradually move into the construction and production phases of the cycle.

In June, the Company secured a two-year project for two PSVs at charter rates more than double of the average rate in 2023 for similar vessels. This contributed to a jump in the contracts on hand at the end of June 2024 to US$75million as can be seen in the following chart.

This is the first award of a long-term tender for PSVs in Indonesia in several years and confirms our positive outlook that the growth cycle is firmly in place. As long term contracts are awarded on a tender basis, the Company’s contracts on hand cannot be expected to follow a smooth gradient.

Subsequent Events

In July, the Company entered into a 50:50 joint venture to own and operate an accommodation work barge(AWB) with 300 passenger capacity with a third party, PT Rajawali Perak Mulia, a company with years of experience in this segment. The vessel is currently operating in Thailand and augments the Company’s service offering in the offshore space.

About Wintermar Offshore Marine Group

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Mooreast Opens its First Northeast Asian Sales Office in Taiwan

Mooreast Holdings Ltd. (Mooreast or the Group) inaugurated its sales office in Taiwan today, marking its foray to Northeast Asia as part of an expansion to offer total mooring solutions to the global emerging floating renewable energy sector.

On 16 May 2024, SGX Catalist-listed Mooreast incorporated Mooreast Taiwan Limited (“Mooreast Taiwan”) in Taipei, a wholly-owned subsidiary of Mooreast Renewable Pte. Ltd., which in turn is a wholly-owned subsidiary of the Group.

Representatives of Taiwan’s Industrial Development Administration witnessed the opening of the office. Representing Mooreast were Chairman Mr Joseph Ong, Deputy Chairman, Executive Director and CEO Mr Sim Koon Lam, and Head Commercial Mr Jaymes Sim, along with senior management.

Bringing more than three decades of mooring and offshore marine expertise, along with a strong track record of completing 21 offshore wind-related projects since 2013 – totalling 86.3 megawatts of energy capacity – Mooreast will offer a diverse range of products, services and solutions catered to supporting the next phase of Taiwan’s wind development into floating wind farms.

Mooreast, Asia’s only ultra-high power anchor manufacturer, said Taiwan offers one of the most exciting floating renewable markets in the region. The Group, together with its partners in the region, will jointly offer Engineering, Procurement, Construction and Installation services for floating energy projects.

Mooreast Chairman Mr Joseph Ong said the office in Taiwan will spur collaboration

The Taiwan expansion is part of the Group’s broader transformation to meet anticipated demand in the emerging floating offshore renewable market. On 19 June 2024, the Group announced it intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited. This will quadruple its production capacity in Singapore to better serve the fast-growing floating offshore renewable sector.

Mooreast has also signed a non-binding term sheet to secure a S$20.01 million convertible loan from SG-RT FUND, a sub-fund of CEC-SG VCC, a Singapore- registered umbrella variable capital company managed by N PrimePartners Capital Pte. Ltd. on 13 June 2024.

The funds will provide essential working capital for FY2024 and to support the Group’s expansion and growth strategies to strengthen the Group’s mooring supply chain internationally.

Mr Joseph Ong said, “Backed by 30 years of mooring expertise, we are confident of our ability to support the fast-growing offshore wind sector in Taiwan and, indeed, Northeast Asia. A physical presence in Taiwan will spur collaboration with contractors and partners to offer differentiated service and solutions to our customers.”

Mr Sim Koon Lam, said, “Taiwan is a key market for Mooreast, and we are committed to support its renewable energy initiatives. We look forward to nurturing relationships with existing and new partners to build a stronger eco-system for the floating renewable energy sector in the region.”

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3525.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

About Mooreast Holdings Ltd.
Mooreast is a total mooring solutions specialist, serving mainly the offshore renewable energy, offshore oil & gas (“O&G”) and marine industries, with operations primarily in Singapore, the Netherlands through its wholly-owned subsidiary in Rotterdam Mooreast Europe, and offices based in Scotland and Taiwan.

Media & Investor Contact Information
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Isaac Tang, mooreast@wer1.net (M: +65 9748 0688)